All Forum Posts by: Manuel Sarabia

Hello all. I used the BP search function and there's a lot of great info on the topic buy I'm left with a few questions if somebody can answer. 1. When buying the 2nd lien, can you contact the senior lien right away for a payoff? 2. Where do I obtain the first mortgage information? Is this available through a title search or local county recorders office? There's a 2nd lien coming up for sale in my area. I would be a lot more interested on submitting a bid if I had a clearer picture of the senior lien. The house is vacant so it's extremely likely the owners are not performing on the first.  This would be a flip. I'm not sure if I have to payoff the first before listing or go ahead and put the house for sale and title will get the payoff during escrow.

Random question. Are there any benefits to buying a junior lien if the owner is current on the first?

Hello everyone. It's been a while since I've purchased a property at the court steps so I wasn't aware of the new law that allows eligible buyers to submit bids after the auction. I won on three properties and I was notified on all three that there is an intent to submit an offer. To me, this pretty much sounds like I'm losing out on these properties while my funds are tied up for a maximum of 45 days. Any thoughts on being able to withdraw from the purchase? Major bummer because I can be using those funds elsewhere for other opportunities.

I'm looking at a trustee sale with solar panels. First time attempting to buy a home with solar panels. My concerns are if the new owner has to assume a lease, or if I have to pay off the lease or equipment. The property needs a roof so I have no problems removing the panels myself.  Any input would be appreciated. I did a search on prior threads and results are from three years ago. Perhaps things are better now as far as dealing with solar companies.

Hello. Not sure if this is the correct forum but I am looking for an E&O insurance company that covers agent owned properties. I am a broker of my own company but I also do flips.

Hello. What's the different between Associate Broker, Independent Level, and Employing Level? I'm looking at the Licence Reciprocity guide on the Colorado website and they list Associate Broker if you have less than 2 years experience in your current state and independent and Employing Level if you are experienced for 2+ years.

I'm a licensed broker in the state of California, which i'm 99% sure is equivalent to Employing Broker in Colorado. Based on the requirements, i'm eligible for the Employing Broker license but it doesn't clarify if I need to have a brokerage in California for 2+ to be eligible or if having the Broker license is enough. At the moment my broker license hangs with another broker. Inquiry has been sent out to the Co Division of RE but I was wondering if anyone has input on this.

Trying to get an understanding of a DBA and how it works with REO companies. I'm looking to join a Brokerage using a DBA. Does the DBA allow me to be in full control of my REO accounts? In most applications, they ask who the broker is. If I work for 'Remax dba X Realtor' will I be allowed to enter the broker for X Realtor or will it be the Remax broker?

I'm a broker associate for 2+ years now. I'm looking into opening my own independent office. The advantage as far as foreclosures go is that the listings belong to me. Several REO companies only allow the principal broker to apply. Right now whatever accounts I have stay with my former broker because like all agreements, they belong to the broker not the associate. My only concern is if I decide on a different business strategy where I have to leave Remax in the example, will those accounts belong to Remax or to dba X Realtor.

I purchased a junior lien at auction. The owner that foreclosed on it actually wants to buy it(They are current on their first, they love the house, and actually want to purchase the title from me). Would a substitution of trustee be the form to use, or an Assignment of Deed of Trust? One escrow office said Substitution of Deed and another said Assignment of trust. But both couldn't offer an escrow service. Still looking for an escrow company that can act as a third party and will eventually contact attorneys for it, but would still prefer an escrow company.

Can I use an escrow company to complete the transaction. If I'm correct, I will sign a Substitution of Trustee to the person that wants to buy it after they have deposited the funds in escrow. I asked local escrow offices but they do not offer this type of service. I'm going to try a RE attorney but would like to use escrow services for this.

If the 2nd mortgage(junior lien) goes to foreclosure and there is a surplus of funds after being sold to the bidder, will the Senior lien receive any of the surplus? This is assuming it's the only other lien on the property. There's not much info in regards to surplus funds when the 2nd mortgage forecloses. This would be for California.